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1970s: Oil Crisis

1970s: Oil Crisis. Stagflation. Combination of soaring prices, the high unemployment, and low economic growth. Oil Embargo. Egypt and Syria attacks Israel The US airlifted supplies to Israel

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1970s: Oil Crisis

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  1. 1970s: Oil Crisis

  2. Stagflation • Combination of soaring prices, the high unemployment, and low economic growth.

  3. Oil Embargo • Egypt and Syria attacks Israel • The US airlifted supplies to Israel • OPEC (Organization of Petroleum Exporting Countries) to impose an oil embargo against Israel's allies that lasted until March 18, 1974.

  4. Oil Crisis Begins • The oil embargo led to increased prices for all types of fuel, including gasoline, home-heating fuel, and electricity. • Prices for everything else rose in response to high energy costs, causing record inflation.

  5. U.S. Response Price of gas quadrupled in just a few months Many gas stations ran out of gas Drivers waited for up to two hours for gas License plates ending in odd numbers could fill up on odd days License plates with even numbers could fill up on even days

  6. Coping with the Energy Crisis Jimmy Carter’s response: Americans were asked to: reduce air travel conserve oil turn down thermostats by 6 degrees reduce highway speed limits (55 mph ) to conserve energy urged the use of coal and nuclear power rather than the limited commodity of oil.

  7. Question How would your life change if your family was rationed to 10 gallons of gas/week?

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